If you find yourself in a position where you need to compare fleet insurance quotes in order to get the best value for money, there are a number of elements you will need to consider. Getting the most accurate quote relies on you being able to provide relevant information as accurately as possible.
We have brought together some of the most pertinent information and frequently asked questions in order to support your fleet insurance comparison, allowing you to arrange cover for your fleet in double quick time.
Insuring more than one business vehicle on a single policy constitutes fleet insurance, so don’t be put off if your business only has a couple of vehicles. Generally speaking, it can be cheaper to insure your fleet on a single policy under the name of your business, rather than taking out separate policies for all of your vehicles.
Any motor vehicle used on the roads must be insured, and covering each vehicle owned by your business on a separate policy can prove a bit of a nightmare to administer. Consider the paperwork and logistics of keeping track of 20+ insurance documents that could well be up for renewal at different times of the year; this could be a job that takes place almost every fortnight.
Further complexity may occur if your company uses different drivers to drive different vehicles on different days (or even on the same day). Including multiple named drivers on multiple single vehicle policy documents can be troublesome, especially if you have a large fleet and high staff turnover. More worryingly is the fact that it only takes a single driver to be missed for your business to be breaking the law.
Taking out a fleet-wide policy allows you to simplify your coverage, limiting your involvement on a week by week basis, only needing to update when your fleet or workforce is changed, or at the end of your policy.
In common with car insurance, when making a fleet insurance comparison, you need to look at the levels of cover available.
As the name suggests, comprehensive insurance will cover all damage when your drivers are at fault for an accident on the road. Repairs to your vehicle will be covered, as well as any damage to other parties. Similarly, your vehicles will be covered in the event of theft or fire damage, as well as any damage that has been caused in an attempted theft.
Third Party, Fire and Theft policies are similar to comprehensive cover, with one key difference: no damage to your own vehicles is covered in the event that one of your drivers is at fault for a road accident. As the name would suggest, your vehicles would be covered if they were stolen, or damaged by fire.
Generally speaking, Third Party Only policies come with the least expensive premiums, but the level of cover provided is the most basic. TPO is the minimum level of cover legally required in order to drive a vehicle in the UK. If one of your drivers is at fault in a road accident, TPO policies will pay for damages to any third parties or their vehicles, but no damage to your own vehicles. Also, no cover is provided for theft or damage by fire.
When you’re taking out a fleet insurance policy, a key decision to make is whether or not you will choose an ‘any driver’ policy or a ‘named driver only’ policy.
Any driver policies allow any driver to drive any vehicle in your fleet. If your staff turnover is high, or you employ contractors or agency workers to drive for you, any driver fleet insurance is usually the way forward. Any driver policies also provide a great deal of flexibility for your business and its staff.
Named driver only fleet insurance will name the drivers who would drive each individual vehicle. This works best if you have drivers who primarily use assigned vehicles in the context of a smaller fleet and fewer employees.
Generally speaking, any driver policies are the more expensive option of the two, with the trade-off being that you get more flexibility and freedom from these policies.
This will need to be determined when you take out the policy and will depend upon the vehicles that your business is utilising. In many cases, insurers will have a specialism as to the sort of vehicles that they cover. Much in the same way that you wouldn’t necessarily use the same insurer to cover an excavator as you would your motorcycle, when you compare fleet insurance policies, look for an insurer which has the best fit for the composition of your fleet.
Some specialist vehicles can be excluded from fleet insurance policies, whilst when it comes to taxi policies, it is important to ensure that you are taking out specialised cover, dependent upon your business’ circumstances.
In common with many other business and retail insurance policies, it is possible to combine your fleet insurance policies with other insurances such as:
When your business requires you to unload goods in public places or to deal with the public in any other way, public liability insurance is a must. PLI protects your business from litigation in the event of the public or their property coming to harm caused by your employees. Some fleet insurers allow you to combine motor insurance with public liability insurance.
This will protect your drivers and is a legal requirement for all businesses. Most fleet insurance providers allow this to be added to a policy for convenience.
When transporting goods belonging to others, it is vital to have goods in transit cover. This can be added and customised in order to take into account the nature and value of goods that you transport.
You can pay for your fleet insurance in a number of ways - including monthly by Direct Debit. However, it is important to be aware that paying monthly may cost you more than paying annually because of interest and administration fees that may apply.
Fleet insurance differs by provider but it is possible to get fleet insurance for just two vans. Some will refer to this as mini-fleet insurance. Why not compare the best fleet insurance with us? We are here to help you find the best deals.
Yes. If you are self-employed and you operate multiple vehicles within your business model, fleet insurance could be the right choice for you. Here at Bright Compare we are free to use and totally independent - why not compare fleet insurance with us today?
Yes. Here at Bright Compare, we make finding and comparing fleet insurance really simple. Simply enter a few details and we'll do the rest. We can show you a range of options within seconds. Plus we are free and independent!
At Bright Compare we can find you the best quote for fleet insurance. Quotes will be based on your credit history, typically looking at the past six years. You can check your own credit history; our website shows you how.